Based on 73 hedge funds · latest filing: 2025 Q4 · updated quarterly
📈
Buying streak — 10 quarters in a row
For 10 consecutive quarters, more hedge funds added IBTO than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🏔️
At the ownership peak (100% of max)
100% of all-time peak
73 hedge funds hold IBTO right now — the highest count in 2.8 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀
Fast accumulation — +35% more funds vs a year ago
fund count last 6Q
+19 new funds entered over the past year (+35% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟢
More buyers than sellers — 69% buying
48 buying22 selling
Last quarter: 48 funds were net buyers (10 opened a brand new position + 38 added to an existing one). Only 22 were sellers (15 trimmed + 7 sold completely). A clear majority buying is a strong confirmation signal.
➡️
Steady new buyers — ~10 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 18 → 11 → 13 → 10. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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Mostly new holders — 27% entered in last year
■ 19% conviction (2yr+)
■ 53% medium
■ 27% new
Only 14 funds (19%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
📊
Peak discovery — momentum slowing
16 → 18 → 11 → 13 → 10 new funds/Q
New funds entering each quarter: 18 → 11 → 13 → 10. IBTO is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
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Mixed cohorts — 7% veterans, 52% new entrants
■ 7% veterans
■ 41% 1-2yr
■ 52% new
Of 73 current holders: 5 (7%) held 2+ years, 30 held 1–2 years, 38 (52%) entered in the past year. Balanced distribution — some institutional memory, some recent momentum buyers.
✅
Strong quality — 21% AUM from major funds
21% from top-100 AUM funds
11 of 73 holders rank in the top 100 by AUM, accounting for 21% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.0
out of 10
Moderate Exit Risk
Exit risk score 4.0/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.